By Christophe Guille and Stephan Zech Utilities rely on data analytics to help determine the best time to replace power transformers along the grid. Ideally, they want to extend the useful life of a transformer and replace it before it fails, to prevent an unplanned power outage. Traditional formulas consider factors like the transformer’s age and the weather, but these models are not very accurate. One North American utility sharpened its ability to predict failure rates by considering a wider set of data that includes a transformer’s load profile—that is, how the load fluctuates throughout the day—and the history of outages in the circuit where the transformer sits. Combined with more sophisticated analysis techniques, the new model was three to four times as accurate in [...]

Time is running out on personalized marketing as a means of continually raising the return on investment of campaigns. For the past few years, many marketers have used advanced data analytics to identify the right customers and increase their ROI, but now these practices, while still valuable, are reaching a plateau. The rise of so many digital channels and options for customers heightens the importance of another, underappreciated variable: message timing, as detailed in new research by Bain & Company in partnership with Google. To strengthen customer relationships, marketers need to know not only which current or prospective customers to reach, but also in which moments. By communicating at the most opportune times based on people’s behavior and signals, companies can generate more business with [...]

Failing to zero-base opportunities account by account can leave sales executives flying blind with their market approach. Kate Woolley, a partner with Bain's Customer Strategy & Marketing practice, shares how leading companies use a rigorous zero-based approach at the account level to get a clear view of revenue potential in the market. Related: Stop Flying Blind in Sales

Whether or not they know it, nearly everyone has had an experience that exposes just how dependent we have become on artificial intelligence (AI). It often comes in the back seat of a car. That’s where I was a few months ago, sitting in a rideshare from suburban Scarsdale, New York, to New York City. The driver had recently emigrated from Nepal, and his ability to quickly find work greatly illustrates how ride-sharing platforms open economic opportunities. Once upon a time, my driver would have had to learn the area well before he could drive a customer from place to place. Now AI mapping had him hard at work just weeks after landing. The New York metropolitan region is one of the most complicated urban [...]

By Daniel Hong and Gregory Callahan In the quest for profitability, many business-to-business companies overlook one critical factor: the cost of customer support. Consider the media sales firm in the accompanying chart that linked its sales and postsales databases, allowing it to view accounts by price achieved and intensity of support required. It discovered that its two largest customers by revenue were unprofitable, while customers 10 through 20 were among the most profitable. The company responded by raising prices for low-price/low-support accounts and negotiated to make high-price/high-support relationships more efficient. It also gave its best existing accounts preferential treatment and cut loose many small, unprofitable accounts. As a result, the company expanded overall profits by 10%. Daniel Hong is a partner and Gregory Callahan is [...]

With increasing importance of data for business use, companies must respond to the advanced analytics imperative. Chris Brahm, who leads Bain’s Advanced Analytics practice, shares six principles, which if implemented correctly, can help companies reach their full potential of advanced analytics. Read the Bain Brief: Closing the Results Gap in Advanced Analytics—Lessons from the Front Lines

Despite higher levels of investment, many companies lack a clear strategy for winning in data and analytics. Lori Sherer, a partner with Bain's Advanced Analytics practice, shares three strategies for companies looking to productively invest in data and analytics to drive business performance. Read the Bain Brief: With Advanced Analytics, It’s People (Not Data) That Stand in the Way of Change

The value realization gap is the disconnect between great analytical output and actual changed behavior. Chris Brahm, global practice leader in Bain's Advanced Analytics practice, outlines how enterprises need to prioritize “the last mile’’ of their process as they approach data analytics to achieve great results. Read the Bain Brief: Closing the Results Gap in Advanced Analytics

Imagine you work for a company that provides technology to businesses and has the following go-to-market approach. You crunch external financial, demographic and technology data to determine the probability of any company fitting in the segments most likely to buy more of your solutions. You use external intent indicators, such as search terms and job postings, to understand whether these businesses have appetite to buy a solution right now. Without making a phone call, you have filtered every potential customer to identify those in your sweet spot looking to buy, by city. You then deliver digital advertising to the individuals who made those searches, tailoring the content to their segment. Your inside sales team calls them to offer the latest white paper on the topic [...]

Despite collecting mountains of digital information, many IT departments are being held back by a lack of business-IT governance. Rasmus Wegener, a partner with Bain’s Advanced Analytics practice, shares three strategies companies can use to derive meaningful insights from their data. Read the Bain blog: The Business Case for Prioritizing the “I” in IT